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How to enter salaraies and PAYE for Past years based on Bank Statements
I am starting off using the program for the new tax year from beginning of April.
Just to make the books balance for past years (I need to go all the way back to September 2005)
It would seem to work to enter all past salaries and PAYE in as "subcontractor's costs".
Then the profit and loss accounts (derived from my bank accounts), profits carried over etc etc
Will work OK without having to generate a huge number of payslips and recalculate all the PAYE etc and try to get it to match what was paid.
I am just scared to go over 19 months of bank statements to do this if its just going to not work without an expert opinion.
Just to make the books balance for past years (I need to go all the way back to September 2005)
It would seem to work to enter all past salaries and PAYE in as "subcontractor's costs".
Then the profit and loss accounts (derived from my bank accounts), profits carried over etc etc
Will work OK without having to generate a huge number of payslips and recalculate all the PAYE etc and try to get it to match what was paid.
I am just scared to go over 19 months of bank statements to do this if its just going to not work without an expert opinion.
I’m worried and confused
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Inappropriate?Another approach might be to have another or several "Bank Statement Explanation" designed specifically for this purpose. e,g, "Past Years PAYE/NI not balanced by Payslips ...." etc.
I’m thinking.
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Inappropriate?@David,
Why not keep it easy?
I don't know what your year end is but why not just enter transactions from the start of the new financial year (ie the day after your last year end) to date.
With limited companies the tax year (other than for payroll) is largely irrelevant.
I accept that I may have simplified your problem too much! If so, just let me know and I'll try and help.
I’m confident
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Inappropriate?I have to produce Corporation tax returns for 2005/2006, 2006/2007 and 2007/2008 which requires profit and loss accounts etc etc because my original "bookkeeper" got the idea that because in 2005/2006 there was a zero tax bracket if the profit was less than 10000 she did not have to do anything and somehow thought if she submitted to Company House then she had done all she needed to do!
So this program which allows you to produce a set of accounts, semu automatically, using the uploaded bank account, is brilliant.
Theonly issue is this business of how to treat past salary payments. The program is designed to ignore them so that it works better when yiou use the inbuilt PAYE system. This is gfine for from April this year onwards but is a pain for past years.
I’m frustrated
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Inappropriate?I'm working on a simple answer and will get back to you later but in the meantime may I ask if you know the penalties you're facing? Also when was your company incorporated?
I’m confident
